Complex Made Simple

Tabreed outperforms on successful AED2.6 billion refinancing

The Dubai stock market index DFMGI plummeted 3.35 per cent, closing at 3,565.56 points on Monday, January 5. Shares lost across the board as oil prices fell to a 5.5-year low, weighing on the sentiment across the Gulf region.

Tabreed bucked the trend and climbed higher by 2.80 per cent to reach AED1.10. Earlier in the day, the Dubai-based district cooling producer said it completed the refinancing of its current AED2.6 billion ($709 million dollars) debt facilities.

The refinancing has been consolidated into a smaller subset from Tabreed’s existing syndicate of banks, with ADCB, FGB and Mashreqbank acting as Mandated Lead Arrangers.

Islamic insurance firm Dartakaful lost the most, ending off 6.57 per cent at AED0.555. Arabtec Holding dived 3.55 per cent to AED2.72. Emaar Properties lost 3.23 per cent to AED6.90.

 

Gérard Al-Fil